Stock dimension – CPF Soaring pork price, supporting Q3/23 budget rebound, downside risk stock limited, land brokers are top picks of the group, target price 23 baht.
CPF or Charoen Pokphand Foods Public Company Limited by Yuanta Securities (Thailand) stated that the price of pork in Asia has increased. While domestic pig prices began to recover for two consecutive weeks. As a result, the Q3/2023 earnings outlook is expected to significantly recover QoQ.
Pork price recovers, budget nods
Estimated that domestic swine prices have a chance to continue to increase, supporting Q4/23 profits to have a chance to reach the highest level of the year. 2023 core profit forecast downgraded to a normal loss of 2.87 billion baht, but 2024 profit up 5% to 6.14 billion baht and using a target price at the end of Q2/24 at 24 baht. The current share price has limited downside risk and The share price is expected to gradually recover in line with the trend of the livestock farm business from the second half of this year until next year. Recommendation upgraded to “BUY” and selected as the sector’s top pick for Q4/23.
Broker recommends “buy”, knocking on a target of 24 baht.
Bualuang Securities stated that CPF has a more positive view of both the Thai and Chinese pig groups from the Thai pig group. Pig price mid Aug. 66 starts to rebound from the lowest point and is expected to continue to recover to 70-75 baht per kg in Q4/23, recommend buying, speculation, target price 23 baht.
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2023-09-07 15:00:11
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